SEOUL, Jul. 29 (Korea Bizwire) — South Korea’s financial watchdog said Monday that there will be limited impact if Japanese savings banks operating here scale back their exposure amid an escalating trade row between the two nations. The value of outstanding loans extended by four Japanese savings banks in South Korea, including SBI Savings Bank [...]
SEOUL, Jul. 26 (Korea Bizwire) — Insurance services will provide point benefits on a trial basis within this year if companion animals achieve their target health goals. The Financial Services Commission (FSC) said Thursday it has designated five more innovative financial services, including point benefits for companion animals. To that end, insurtech startup SmallTicket will [...]
SEOUL, Jul. 24 (Korea Bizwire) — Kakao Corp., the operator of South Korea’s leading messenger app Kakao Talk, got a nod from the country’s financial regulator Wednesday to raise its stake in the Internet-only bank Kakao Bank. Kakao Bank, the country’s second Internet-only bank, began operations in July 2017 and quickly gained popularity among local [...]
SEOUL, Jul. 14 (Korea Bizwire) — A group of major tech companies and financial institutions have joined hands to launch a blockchain-based digital identity platform available on smartphones to provide a trustworthy and secure solution, they said Sunday. Samsung Electronics Co., three mobile carriers — SK Telecom Co., KT Corp. and LG Uplus Corp. — [...]
SEOUL, Jul. 12 (Korea Bizwire) — Kakao Bank, South Korea’s second Internet-only bank, said Friday it has attracted more than 10 million accounts in about two years since launching operations. Kakao Bank, controlled by Kakao Corp., the operator of South Korea’s dominant messaging app KakaoTalk, started operations on July 27, 2017, quickly gaining popularity among [...]
SEOUL, Jun. 21 (Korea Bizwire) — The Bank of Korea (BOK) said Thursday that it conducted a month-long “Pan-National Coin Exchange Campaign” in May, exchanging a total of 221 million coins worth 32.2 billion won (US$27.7 million) for banknotes. The campaign was led by the Korea Federation of Banks, Korean Federation of Community Credit Cooperatives, [...]
SEOUL, Jun. 19 (Korea Bizwire) — South Korea’s major commercial banks have begun cutting unnecessary work hours ahead of the full implementation of the government’s new 52-hour workweek policy in July. The banking sector introduced the 52-hour workweek system earlier this year, but since the actual legal enforcement date is from the first day of [...]
SEOUL, May 26 (Korea Bizwire) — In an unexpected turn of events, South Korea’s financial regulator on Sunday rejected applications by two consortia to set up the nation’s third and fourth Internet-only banks. One consortium is backed by financial technology firm Viva Republica and the other is led by brokerage Kiwoom Securities. The Financial Services [...]
SEOUL, May 22 (Korea Bizwire) — Insurtech, a combination of insurance and technology, is known as an underdeveloped sector despite its potential. The Financial Supervisory Service (FSS), in its analysis on how Internet of Things (IoT), big data, artificial intelligence (AI), blockchain, and other new technologies are being used in the South Korean insurance market, [...]
SEOUL, May 22 (Korea Bizwire) – South Korea’s financial regulator is expected to give preliminary approval next week to a consortium to set up the nation’s third Internet-only bank, senior officials at financial authorities said Wednesday. Two consortia, one led by fintech firm Viva Republica and another by brokerage Kiwoom Securities, have been short-listed for [...]